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Share Name Share Symbol Market Type Share ISIN Share Description
John Laing Infrastructure Fund LSE:JLIF London Ordinary Share GG00B4ZWPH08 ORD 0.01P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 142.60p 0 05:00:01
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 113.61 99.01 10.20 14.0 1,410.1

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jonwig: @ Spec - I sold HICL but hold JLIF. With hindsight, should have been the other way round! What all this ignores is the fact that the portfolio renews via sales and purchases. It also ignores residual values on some assets. Incidentally the latest results indicate a discount rate of 7.74% which would make a difference. Of course, the rate used by JLIF on its assets needn't be the same as the one an investor might use on the share price - personally mine would have been a lot lower until the political hand grenade.
jonwig: @ SteMiS - looking again at the original prospectus (Oct 2010), there's a chart on p45 which shows distributions from the original seed portfolio. These show that sub-debt within each project is serviced, and there are also bullet payments of sub-debt principal along the way. There are also some complicating factors: • inflation indexing isn't complete - one reason why HICL is higher-rated is that it has better protection here. • some projects are demand-based causing income fluctuations. (M6 toll road has had a difficult history - though nothing to do with JLIF. M40 in JLIF is more stable.) • some projects have run into trouble - Roseberry Park Hospital in the past year, for example, where there was extra expense which didn't work and effective write-off. • there is residual equity in some projects, such as the M40 motorway where the remit was to design and build, not just operate. So, unless I've misunderstood your argument, I think your 'homogeneous' view of the portfolio has too many bumps along the way. Without these bumps, your model does suggest money is left for the investor. The way I thought about it is to ask a typical question, "What would you pay for an asset which gave you £50,000 pa indexed for 25 years?" Assuming 3% inflation and a 7% discount rate, I get about £800,000. Or, for a potential investor in JLIF, what would I pay to receive 7p pa for * years with *% inflation and a *% discount rate? With the figures above, it's around the current share price! [Bit of a rush, hope calcs are right.]
jonwig: H1 results: Https:// Largely satisfactory. A couple of minor problems (Peterborough Hosp, Roseberry Park Hosp) contributed to NAV growth below the unwind rate. Should we be concerned? Unless there's a trend developing, I doubt it. 13.6% premium to NAV might narrow a bit. A few pence off the share price, maybe?
jonwig: lizafl - they tap institutions for placings at fairly regular intervals, and once they've reached the allowed ceiling on these non-pre-emptive issues, they make an open offer to all shareholders. The price tends to be somewhere between NAV and share price. (Not the same as a rights issue. You take up the offer or lose the chance.)
jonwig: Hi both - yield on NAV is a better guide than on share price - JLIF is 6.2%, HICL is 5.6% so, yes, there is some discrepancy. Greater risk profile maybe, or different lifespan of projects. Or even that HICL has to source more from an open market whereas JLIF seems to have a sweetheart relationship with John Laing. Reason for continued acquisitions - I agree that they want to achieve a steady state, but they can, or course, only grow so long as the market willingly absorbs their new equity offerings. So far it has, but this one will be a big one! I hope they will be tough with BBY who seem to be the needy seller. A good bit less than £1bn would see an equity issue grabbed enthusiastically. (By the way, still not big enough for the FTSE100 I think!)
its the oxman: Over last 2 and half years share price is up not much more than 5p. Are these guys doing something wrong? Hope not as I have just bought a few. Hoping for a bounce back and of course there are the divs to enjoy. Nevertheless I hope we see some better share price appreciation going forward. Or am I alone in thinking this?
spangle93: Well, compared to bank interest, the dividends are attractive, and the pipeline of opportunities & management record to date suggests it's not going to suddenly go into administration. Offer price is still above NAV, and though the recent fall was a bit of an ouch, the premium over NAV was looking a bit rich, I guess. I'm thinking of taking up allocation, but not applying for excess. Though like skinny, I'll wait another week - if share price drops again, then why be constrained by the offer.
skinny: Financial Performance -- Portfolio valuation of GBP380.4m up GBP115.7 million over the year buoyed by acquisitions of GBP109.5m (up GBP117.5 million excluding exchange rate movements) -- Underlying portfolio value growth of 9.2% * which is ahead of expectations due to value enhancements achieved and positive impact of inflation -- NAV per share increased 3.8% to 104.6 pence after dividend payments of 3.5 pence -- Cash Flow in line with expectations, with cash of GBP48.6 million at 31 December 2011 -- Dividend for H2 announced at 3.0 pence, which with the interim dividend paid in October 2011, is in line with target dividend yield of 6.0p per annum -- Profit before tax of GBP23.4 million, GBP35.0 million on an IFRS basis -- Remain in line to achieve an IRR target of 7-8% over the long term Operational Highlights -- Acquisitions totalled GBP109.5m during the year o 10 new projects and 2 additional stakes acquired from John Laing over the year o Third party acquisitions of stake in Forth Valley Royal Hospital and incremental stakes in 2 other projects o Subsequent acquisitions of GBP31.6m announced in January 2012 to purchase 3 social housing projects in North London, and a further stake in an existing project. -- Successful capital raises of GBP130.7m in October 2011 and tap issue of GBP27.4m in April 2011 -- Revolving Credit Facility increased to GBP60m in September - currently undrawn -- Entry into the FTSE 250 in December 2011 -- Strong pipeline of investment opportunities, from John Laing with suitable projects identified of around GBP355 million over the next three years, as well as opportunities in the wider secondary market -- Share price has consistently traded at a premium and was 108.5 pence as at 31 December 2011, representing a Total Shareholder Return of 12.1% since launch on 29 November 2010
jonwig: Today's RNS on completion of the acquisitions has this: We now own and manage a high quality, low risk infrastructure portfolio and remain confident in our ability to deliver a strong and predictable dividend yield, with a target of 6% and an IRR target of 7% to 8% over the longer term. A dividend yield, of course, depends on the share price, so I assume they mean the yield on NAV. As the NAV will be calculated on a cashflow basis (is that so?) it's not clear that there will be any indexing of the dividend.
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